Algorand Blockchain Network (ALGO) has announced a partnership deal with the FIFA, and the company will become the official sponsor of the coming world cup in Qatar later this year.

If anyone is still a blockchain technology critic, it is time they learned how to live with it because the blockchain technology has come to stay.

Here is what’s special!

Algorand is now the first new American sponsor of the men’s world cup since 11 years after Johnson & Johnson deal in Brazil 2014; this is also the first world cup ever to be sponsored by a blockchain company, Qatar has also banned cryptocurrency, and now, a blockchain company will be sponsoring the biggest event that will ever happen in the country, very soon, we will see if the country will be spurred to change its perspective towards cryptocurrency.

In the deal, the proof-of-stake company will assist FIFA in its development of “digital assets’ strategy” by providing a “blockchain-enabled wallet solution,” also, the announcement of the deal was in the context of Non-Fungible Tokens (NFTs); therefore, it is likely that the company will be in charge of the development of the FIFA NFTs. Furthermore, the sponsorship deal will as well extend to the women ‘s world cup in Australia and New Zealand.

Hitherto, there is no clarity on how much the deal is worth. FIFA, which derives most of its revenue from sponsorships and licensing deals for television, marketing, and hospitality-related to the World Cup, has its total revenue targeted ($7 billion) over its current four-year cycle, which will conclude in Qatar.

Following the deal’s announcement, the company’s native token bulls by 20%, reaching $0.72.

Gianni Infantino, FIFA president, expressed his admiration for the collaboration; he said that the deal was “a testament to FIFA’s commitment to constantly finding innovative channels for sustainable revenue growth,” he furthered by saying that he is looking forward to a “long and fruitful partnership with Algorand.”

The Qatar 2022 world cup will be the world’s biggest event that will bring millions of spectators interested in cryptocurrencies together; therefore, the event is going to be an exciting event for the crypto community, and we will see how it affects the crypto market entirely.

Stay up to date with Mycryptoparadise, as we will bring you every necessary information on how the event will affect the crypto market.

The blockchain industry is becoming the industry of the future due to its advanced technology; FIFA, in its quest for innovation, has embraced this technology, and of course, this will be the best world cup the planet is going to experience.

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